Analysts See Gains in HDFC Life, ICICI Prudential Stocks After Q1 Results

The results of two large private life insurers for the first quarter of 2025-26 (Q1FY26) were assessed by analysts as encouraging.

- DEVANGSHU DATTA

A quick look at the two majors:

ICICI Prudential Life Insurance Company (ICICI Pru) reported a decline of 5 per cent year-on-year (Y-o-Y) in new business annualised premium equivalent (APE) to ₹1,860 crore in Q1FY26, impacted by base effect and slowdown in unit linked insurance plans (ULIPs). The value of new business (VNB) margin was 24.5 per cent, a gain of 50 basis points (bps) Y-o-Y. Absolute VNB declined 3 per cent Y-o-Y to ₹460 crore.

ICICI Pru reported 34 per cent Y-o-Y rise in shareholder PAT (profit after tax) to ₹300 crore. The gross premium grew 8 per cent Y-o-Y to ₹8,950 crore, with renewal premium growing 14 per cent Y-o-Y to ₹4,940 crore, and single premium up 6 per cent Y-o-Y. First-year premium declined 5 per cent Y-o-Y.

The APE decline was due to 14 per cent Y-o-Y fall in ULIPs, and 53 per cent Y-o-Y drop in annuity. The non-linked segment saw 20.8 per cent growth Y-o-Y. Group business grew 54 per cent Y-o-Y, and protection was up 15 per cent Y-o-Y.